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  1. SBI in a fix over High Court order on defaulting steel firm

SBI in a fix over High Court order on defaulting steel firm

The Calcutta High Court’s winding-up order against the defaulting Jai Balaji Industries (JBIL) has put State Bank of India (SBI) in a fix as its insolvency petition against the steelmaker is pending before the National Company Law Tribunal’s (NCLT) Kolkata bench.

By: | Kolkata | Published: June 18, 2018 3:58 AM
SBI, calcutta high court, Jai Balaji Industries, National Company Law Tribunal, nclt The Calcutta High Court’s winding-up order against the defaulting Jai Balaji Industries (JBIL) has put State Bank of India (SBI) in a fix as its insolvency petition against the steelmaker is pending before the National Company Law Tribunal’s (NCLT) Kolkata bench.

The Calcutta High Court’s winding-up order against the defaulting Jai Balaji Industries (JBIL) has put State Bank of India (SBI) in a fix as its insolvency petition against the steelmaker is pending before the National Company Law Tribunal’s (NCLT) Kolkata bench. In its order early this month against the Jai Balaji Group’s flagship company for failing to pay dues to an operational creditor, Kolkata-based Lakhotia Transport Company, the HC had directed an official liquidator to take possession of all the assets and properties of the defaulting firms immediately. But starting liquidation proceedings is most likely to put a bar against admission of SBI’s pending insolvency plea by NCLT. Thus, following the order, SBI has filed a plea before the Calcutta HC, urging it to recall the order of winding up of the steel producer as the tribunal is hearing its plea seeking initiation of insolvency resolution proceedings against the firm, three persons close to this development told FE. The HC is likely to hear SBI’s application on Monday. A hearing is also scheduled in the tribunal on the same day. On June 13, in his submission before an NCLT division bench, SBI’s counsel Jishnu Chowdhury prayed for time till June 18 to approach the HC for recalling its order of liquidation of the defaulted company.

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